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Premier Li stresses role of market entities in economic recovery

Updated: Nov 25,2020 08:55 AM    Xinhua

BEIJING — Premier Li Keqiang said on Nov 24 the strong resilience of market entities is the biggest source of confidence for China in meeting difficulties and challenges.

Premier Li made the remarks while holding the fifth "1+6" Roundtable with leaders of six major international economic institutions in Beijing via video link.

"In the face of the pandemic, the strong resilience displayed by the 100 million plus market entities in China and the Chinese people has provided the strongest underpinning of our economic fundamentals and the biggest source of confidence for China in meeting difficulties and challenges ahead," he said.

He attributed the steady recovery of the Chinese economy to parallel efforts to advance reform and opening-up, which energized market entities and unleashed the internal dynamism of the economy.

"By supporting market entities, China will be able to maintain employment, which in turn will generate income and spur consumption necessary for bolstering economic growth," Premier Li said.

He noted that COVID-19, unlike the previous economic and financial crises, directly impacted consumption and hit medium, small and micro enterprises (MSMEs) and household businesses heavily, disproportionately affecting the low-income population and people's basic livelihood.

China has employed market-based approaches to channel policy incentives and resources directly toward market entities to help them, MSMEs and the self-employed in particular, get through difficulties, according to Premier Li.

"Helping the more than 100 million market entities to survive is an effective way to safeguard employment, and by extension boost income and consumption," he said.

Premier Li pledged to keep China's macroeconomic policies consistent and stable and make it more sustainable and effective, and continue to pursue a proactive fiscal policy, prudent monetary policy and pro-employment policy.

"Efforts will be made to flesh out these policies in light of the evolving situation and improve the policy mix. More reform measures will be taken to bring economic performance back to the proper range," he said.